Market Watch: Market Watch: Key factors that will guide market next week | The Economic


Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Saloni Goel, and here are the top headlines at this hour.

-Growing revenues will lower fiscal deficit, says Revenue Secretary Tarun Bajaj
-Bharti-backed OneWeb deploys 34 satellites
-Mylab partners with Shilpa Biologicals
-Government contained retail inflation at 6.2%, says Finance Minister Nirmala Sitharaman
-Tata Sons chairman, N Chandrasekaran, is all set for reappointment
-Thums Up becomes a billion-dollar brand

Let us take a quick glance at what happened on Dalal Street today.

The domestic equity market snapped its three-day winning streak on Friday as bears made a firm grip on benchmark indices.
The highest inflation surge in 40 years in the US spooked the Dalal Street traders as investors are now worried about more frequent rate hikes. All sectors remained under pressure, led by IT and PSUs, as FIIs pulled out money aggressively.

Investors were left poorer by Rs 4 lakh crore due to intense selling pressure. The BSE barometer Sensex breached the 58,000 mark during the session but ended the week above 58,150, dropping about 775 points. The index has lost about 500 points in the current week.

Its broader peer, Nifty50, dropped more than 230 points and ended the session just below 17,375. The index tested 17,300 during the session and declined 140 points throughout the week. Broader markets underperformed the headline peers as both BSE midcap and smallcap indices settled lower, with both dropping two per cent each. Fear gauge India VIX spiked about 5 per cent but settled below 19 levels.

On BSE Sensex, only five stocks settled higher. IndusInd Bank, NTPC and Tata Steel added a per cent each. M&M and ITC were other stocks that ended the session in green.

Among the losers, Tech Mahindra and Infosys tanked 3 per cent each. HCL Tech, Ultratech Cement, Wipro, SBI, Kotak Mahindra Bank, HDFC and TCS dropped over 2 per cent each. Power Grid, Titan, Bajaj Finance, ICICI Bank, Bajaj Finserv, L&T and Airtel also shed about a per cent each. More than 210 stocks hit the upper circuit during the session, whereas almost 330 stocks tested their lower circuit limits. About 35 stocks tested their 52-week highs and 40 others tested their 52-week lows.

We have Arijit Malakar from Ashika Stock Broking to share his views on the action and the road ahead:

Welcome to the show sir:
1. Domestic equity markets were under severe pressure today. What weighed on the sentiments?
2. What will be the key factors impacting the market in the coming week?

We also caught up with Vijay Dhanotiya from CapitalVia Global Research to decode the technical charts for you.
1. Nifty50 tested 17,300 levels during the session. Where is it headed now?
2. Nifty Bank remained weak throughout the session. What is your take on it?

Asian markets settled lower for the day. Major European markets were trading sharply lower in the first few hours of trade. However, US stock futures were down, hinting towards a negative start to US equities later in the day.

That’s all for now. Do check out for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!

Read More: Market Watch: Market Watch: Key factors that will guide market next week | The Economic

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